APM Terminals to Support SCCT
The international container terminal operating company headquartered in The Hague, APM Terminals said that it is working closely with the government of Egypt on the final pieces of the jigsaw that will ensure the success of Egypt Vision 2030 for Port Said East Port and the Suez Canal Container Terminal (SCCT).Once in place, it is set to regain its position as one of the most competitive ports in the South and East Mediterranean region, APM said in a press release.As part of Egypt Vision 2030, the Egyptian Government has made massive investments in infrastructure.
Egypt Denies Suez Canal Seeks 300 mln Euro Loan
Egypt's government denied in a statement on Thursday that the Suez Canal Authority was seeking a 300 million euro loan from Gulf lenders. Three senior banking sources that did not wish to be named had told Reuters last week that the authority requested a loan from Gulf banks in order to purchase two dredgers. "The Suez Canal has not borrowed any money from any foreign banks, and everything that had been mentioned about this issue is nothing but baseless rumours," the government statement said.
Egypt Seeks a New Suez Canal Toll System
Egypt is in talks with global shipping firms to change the way it charges vessels to pass through the Suez Canal, offering discounts for advance payments as it seeks to raise much-needed hard currency from a struggling industry. Denmark's A.P. Moller-Maersk, which runs the world's biggest container shipping line, said on Tuesday it was considering proposals from the Suez Canal Authority for a new toll system. "They have proposed a new payment method and presented it to us, and we are looking at it now…
Human Remains and Belongings Found from Plane Crash at Sea
Egypt said on Friday its navy had found human remains, wreckage and the personal belongings of passengers floating in the Mediterranean, confirmation that an EgyptAir jet had plunged into the sea with 66 people on board. President Abdel Fattah al-Sisi offered condolences for those on board, amounting to Egypt's official acknowledgement of their deaths, although there was still no explanation of why the Airbus had crashed. "The Egyptian navy was able to retrieve more debris from the plane, some of the passengers' belongings, human remains, and plane seats," the Civil Aviation Ministry said in a statement. The navy was searching an area about 290 km (180 miles) north of the port city of Alexandria, just south of where the signal from the plane was lost early on Thursday.
Bureaucrat and Old Fungus Law Hold Egypt's Wheat Supplies Hostage
A global grain glut should make purchasing wheat cheap and easy for Egypt, the world's biggest importer, but traders say one bureaucrat has made it anything but. Saad Moussa, the head of the agricultural quarantine agency, refuses to let in a single grain of wheat infected with ergot, a common fungus that can lead to hallucinations and irrational behaviour in large quantities but at trace levels is of no harm to humans. Confusion over Egypt's position on ergot levels has disrupted wheat tenders, raising the possibility of a shortage of grain which could pose a political problem for President Abdel Fattah al-Sisi as the impoverished population relies on highly subsidised bread.
DP World, SCA Pact for Ain Sokhna Port Development
Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with Dubai Ports World (DP World) and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport, reports Egypt Independent. The signing of the deal comes in line with directives by Egypt’s President Abdel Fattah al-Sisi to upgrade the sea port’s status as part of the broader scheme to develop the Suez Canal region, SCA chief Mohab Mamish said. The joint venture will be responsible for installing a new harbor parallel to the current oil tanker harbor over a period of one year, Mamish said.
Suez Canal Pacts with SCCT-Maersk
Chairman of the Suez Canal Authority (SCA), Vice Admiral Mohab Mamish, signed a settlement agreement with the Suez Canal Container Terminal (SCCT-Maersk), says Daily News Egypt. Egypt is also planing to complete a side channel in East Port Said, near the Suez Canal. The agreement came at the behest of Egyptian President Abdel Fattah Al-Sisi to resolve outstanding matters with the company, in order to begin the development of East Port Said Port within the general outline of the canal development project.
France Negotiating With Egypt over Helo Carriers
Two Mistrals were originally destined for Russia. France is in talks to sell two Mistral helicopter carriers to Egypt after their sale to Russia was cancelled earlier this month, two sources close to the matter said on Wednesday. Cairo has sought to boost its military power in the face of a two-year-old insurgency based across the Suez Canal in the Sinai peninsula and fears the crisis in neighbouring Libya could spill over. Egypt's allies are also keen to burnish its image in a region beset by turmoil. A sale would also fit into France's recent strategy of favouring predominantly Sunni Arab nations, both politically and commercially, over their Shi'ite rival Iran.
Egypt's Sisi Launches Nationalist New Suez Canal Celebration
Egypt staged a show of international support on Thursday as it inaugurated a major extension of the Suez Canal which President Abdel Fattah al-Sisi hopes will power an economic turnaround in the Arab world's most populous country. The former armed forces chief, who led a military takeover two years ago but ran for president as a civilian last year, told a ceremony attended by leaders of France, Russia, Arab and African states that Egypt would defeat terrorism. The $8 billion New Suez Canal project was completed in just one year instead of three on Sisi's orders…
Expanded Suez Canal Opening to High Hopes, Some Doubts
Egypt will open an expansion to the Suez Canal to great fanfare on Thursday, the centrepiece of President Abdel Fattah al-Sisi's plans to revitalise the country's economy after years of damaging political turmoil. Some analysts and economists say, however, that the mega-project may fail to meet the great expectations. The Suez extension was announced by Sisi a year ago and billed as a major national accomplishment on a par with President Gamal Abdel Nasser's nationalisation of the Suez Canal in 1956 and the building of the Aswan Dam.
Egypt Says Finishes Work on New Suez Canal
Egypt has finished building its New Suez Canal, its overseer said on Wednesday, a project President Abdel Fattah al-Sisi sees as a symbol of national pride and a major chance to stimulate an economy suffering double-digit unemployment. The army led work 11 months ago on the $8-billion canal, flanking the existing, 145-year-old waterway and part of a larger undertaking to expand trade along the fastest shipping route between Europe and Asia. The Suez Canal is a vital source of hard currency for Egypt, particularly since the 2011 uprising that scared off tourists and foreign investment.
NMDC Breaks Several Records on New Suez Canal Project
UAE dredging and marine construction firm National Marine Dredging Company (NMDC) has announced the completion of the New Suez Canal project. The $8bn (£5bn) project had been projected to take three years but on the orders of the president, Abdel Fatah al-Sisi, the former military chief who led the overthrow of an elected Islamist government in 2013, was completed after one year. Dr Sultan Al Jaber, Minister of State and chairman of the UAE-backed Coordination Office of Development Projects in Egypt…
NMDC Completes New Suez Canal
National Marine Dredging Company (NMDC), the UAE's leading dredging and marine construction company, has announced the completion of the New Suez Canal project following its successful trial run on Saturday (July 25). A total of six container ships from around the world navigated the canal as part of the trial run toward ensuring its readiness for full-fledged operations. Three ships navigated the canal from Suez in the south and moved to the north, while three ships sailed from Port Said in the north toward the Mediterranean Sea in the south.
Ships Cross Egypt's New Suez Canal in First Test-run
The first cargo ships passed through Egypt's New Suez Canal on Saturday in a test-run before it opens next month, state media reported, 11 months after the army began constructing the $8 billion canal alongside the existing 145-year-old Suez Canal. The new waterway, which President Abdel Fattah al-Sisi hopes will help expand trade along the fastest shipping route between Europe and Asia and give a boost to Egypt's economy, will be formally inaugurated on Aug. Sisi wants the canal to become a symbol of national pride and to help combat Egypt's double-digit unemployment.
Rocket Fired Upon Egypt Navy Vessel
Egypt's Islamic State affiliate said on Thursday it fired a rocket at an Egyptian naval vessel in the Mediterranean Sea near the coast of Israel and the Gaza Strip. The militant group Sinai Province has focussed mainly on attacking Egyptian soldiers and police in the Sinai peninsula, killing hundreds since the army toppled Islamist President Mohamed Mursi in 2013 after mass protests against his rule. Photographs distributed online by the group appeared to show a rocket heading towards a ship and setting it ablaze on impact. Reuters could not verify the militants' version of events. The Egyptian military said in a statement that a coastguard launch had exchanged shots with "terrorist elements", causing the vessel to catch fire. It said there was no loss of life.
Greece: Sea Boundaries with Egypt, Cyprus to be Defined
Greece will launch consultations with Egypt and Cyprus to establish maritime boundaries in the eastern Mediterranean, Prime Minister Alexis Tsipras said on Wednesday. Tsipras, who was visiting Cyprus, said those boundaries - which are normally a precursor to a state licensing for offshore oil and gas exploration - would be defined in areas where consent of "third countries" was not required. Turkey and Greece have been at loggerheads for decades over land, air, sea and sea-floor borders in parts of the Aegean sea. Cyprus, which was split in a Turkish invasion in 1974 after a brief Greek inspired coup, found gas offshore in 2011, in a move which has also been challenged by Ankara.
IFC Plans $2 bln Investment in Egyptian Infrastructure, Power
The World Bank's development arm plans to invest between $1.2 billion and $2 billion in Egypt over the next four years, including around the Suez Canal, its regional director told Reuters. The International Finance Corporation is looking at ports and logistics projects, Mouayed Makhlouf, the IFC's director of Middle East and North Africa, said in an interview. The government is building a second waterway to accelerate trade flows through the canal, already one of Egypt's major sources of foreign currency. Besides infrastructure and energy projects, IFC is working with United Arab Emirates' renewable energy company Masdar and Saudi Arabia-based power and water project developer ACWA Power…
Egypt on a War Footing to Expand Suez Canal
The Suez Canal Authority is in a race to quickly expand the vital waterway for two-way traffic by August 2015, says an Associate Press report. Workers dig round the clock on Suez Canal expansion, hoping for surge in East-West trade. President Abdel-Fattah el-Sissi has made the project a point of nationalist glory, not to mention a cornerstone of plans to revive the economy. But while shippers say more ships may be drawn by shorter waiting times, ambitions to nearly triple revenues depend mainly on growth in the world economy.
Egyptian Navy Kills Four after Boat Attack
Gunmen in a fishing boat opened fire on an Egyptian naval launch which shot back, killing at least four of the attackers on Wednesday, security sources and state media said. No one immediately claimed responsibility for the assault in the Mediterranean north of the port of Damietta, near the Suez Canal. The military has faced attacks from Islamist militants based in the Sinai Peninsula further east, and smugglers also operate in the area. State-run newspaper Al-Ahram reported soldiers were wounded and a number of the gunmen had been arrested. The military was not available for comment. Two militant attacks in the Sinai Peninsula last month killed 33 security personnel…
Long History of Canals in Egypt Linking Europe and Asia
Egypt said on Tuesday it plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia. The first canal connecting the Mediterranean and Red Seas via the Nile River was dug in 1874 B.C. during the reign of the Egyptian pharaoh Senausret III. It was abandoned and reopened several times over the subsequent 2,500 years. Pharonic inscriptions showed that Egyptians used the canals to move warships, send pilgrimages to the Holy Land and transport grain and stones used in ancient monuments. Napoleon sought to build a modern canal in order to undermine Britain's control of trading routes to Asia…
Tripoli Airport Ablaze, Rockets Leave Libya in Chaos
Diplomats flee Libyan chaos; Politicians appeal for international intervention. Clashes in Tripoli, Benghazi kill around 160 over two weeks, while Libyan capital face fuel, power shortages. A rocket hit a fuel storage tank in a chaotic battle for Tripoli airport that has all but closed off international flights to Libya, leaving fire-fighters struggling to extinguish a giant conflagration. Foreign governments have looked on powerless as anarchy sweeps across the North African oil producer, three years after NATO bombardment helped topple dictator Muammar Gaddafi. They have urged nationals to leave Libya and have pulled diplomats out after two weeks of clashes among rival factions killed nearly 160 people in Tripoli and the eastern city of Benghazi.
Despite Free GUlf Fuel, Egypt Takes Oil Shipments
Egypt is receiving fuel shipments to cover its needs for this month, an energy official said on Friday, despite $6 billion of free fuel given by its Gulf allies after the army took power last year. Amr Mostafa, vice president of the state-run Petroleum Authority for Operations, noted in a statement that fuel consumption spikes in the summer months when many Egyptians travel from Cairo to the Mediterranean coast. The government had supplied all the diesel farmers needed for this year's wheat harvest despite storage problems that had hindered production of the strategic crop last year, he said. Energy prices in Egypt are among the cheapest in the world, with subsidies eating up a fifth of state spending, and unfettered consumption has led to the worst fuel crunch for years.
Egypt Pushing Ahead with Suez Port Expansion Projects
Egypt is pressing ahead with plans to develop a new wheat storage facility and expand port operations at two terminals in the Suez area as the country looks to bolster strategic food reserves and attract investment, a top port official said. President Abdel Fattah al-Sisi, who as armed forces chief toppled Islamist President Mohamed Mursi last July following mass protests, was sworn in on Sunday and seeks to fix Egypt's economy while overcoming political divisions after a long period of turmoil and bloodshed.